From time to time, the Indian Postal Department launches new schemes with attractive interest rates in which you can get more returns on less investment. To motivate people to save, 12 different types of savings schemes have been started by the Indian Postal Department, one of which is Post Office Monthly Income Scheme. Under this scheme, you can also get more interest and monthly payment on the amount invested. can do.
The amount of money invested by the Government of India under this scheme was Rs 4 lakh, which was reduced to Rs 9 lakh. But currently the amount to invest in it has been increased to Rs 15 lakh and the minimum amount to invest in it is ₹ 1000. This scheme is known as Post Office Monthly Income Scheme. Under this scheme you can get a fixed amount every month.
Post Office MIS Scheme
Many schemes are run by the Government of India to motivate people to save. Under this scheme, a fixed interest amount is paid by the post office at the end of every month on the amount invested by you. For your information, let us tell you that this interest amount given by the postal department is taxable. The interest rate paid on the amount you invest is revised after every quarter.
After every quarter, the revised interest amount is paid on the amount invested by you. If we talk about the situation then the interest rate payment was 7.4%. According to this scheme, interest will be paid to you every month from the time the account is opened till the specified date. Some conditions have also been laid down under this scheme which are mandatory to be followed.
Terms and Conditions for Post Office Monthly Income Scheme
As you all know that on every scheme issued by the Postal Department, there are some terms and conditions, if not fulfilled, you will not be paid the fixed interest or the investment amount will be deducted from you. Therefore it becomes important to know these terms and conditions so that you can avoid future losses. Which is as follows:-
The duration of Post Office Monthly Income Scheme has been kept for 5 years.
Under this scheme, if the date of your deposit passes, then after that you cannot withdraw the amount deposited by you for one year.
If you have opened your account under this scheme and closed your account after one year and before 3 years, then 2% of the principal amount invested by you will be deducted.
If the account is closed after 3 years after opening the account under this scheme, then one percent of the principal amount invested will be deducted.
How to open an account under Post Office Monthly Income Scheme?
If you have read all the terms and conditions related to this scheme, then based on the process mentioned below, you can open your account under this scheme and avail the benefits of this scheme:-
To avail the benefits of this scheme, first of all you have to go to your nearest post office.
After this, you will have to fill the application form given under the Monthly Income Scheme and provide all the necessary documents required in it.
After your application form is accepted by the Postal Department, you can open your account under this scheme and avail the benefits of this scheme.
You can open your account under this scheme very easily, but before opening the account, read the terms and conditions carefully so that you can avoid any loss. The duration of this scheme has been kept for 5 years and if closed before this time, up to two percent of the principal amount deposited by you will be deducted. Due to which you may suffer huge loss. Under this scheme you can invest from ₹ 1000 to ₹ 15 lakh.
